Eaton Vance Municipal Income Trust Semiannual Report May 31, 2011 |
|
Performance and Fund Profile |
2 | |||
Endnotes and Additional Disclosures |
3 | |||
Financial Statements |
4 | |||
Annual Meeting of Shareholders |
22 | |||
Board of Trustees Contract Approval |
23 | |||
Officers and Trustees |
26 | |||
Important Notices |
27 |
NYSE Symbol | EVN | |||
Inception Date | 1/29/99 | |||
% Average Annual Total Returns at net asset value (NAV) |
||||
Six Months |
-0.80 | |||
One Year |
-0.78 | |||
Five Years |
0.11 | |||
Ten Years |
5.83 | |||
% Average Annual Total Returns at market price, NYSE |
||||
Six Months |
5.99 | |||
One Year |
5.40 | |||
Five Years |
2.65 | |||
Ten Years |
7.33 | |||
% Premium/Discount to NAV (5/31/11) |
15.52 | |||
% Market Yields2 |
||||
Market Yield |
8.16 | |||
Taxable-Equivalent Market Yield |
12.55 | |||
% Total Leverage3 |
||||
Auction Preferred Shares (APS) |
25.3 | |||
Residual Interest Bonds (RIB) |
24.4 | |||
Comparative Performance4 |
% Return | |||
Barclays Capital Long (22+) Municipal Bond Index |
||||
Six Months |
1.43 | |||
One Year |
1.49 | |||
Five Years |
3.51 | |||
Ten Years |
5.15 | |||
Lipper General & Insured Municipal
Debt Funds (Leveraged) Average at NAV* |
||||
Six Months |
2.12 | |||
One Year |
2.74 | |||
Five Years |
3.71 | |||
Ten Years |
5.42 | |||
* Source: Lipper. |
AAA |
15.4 | B | 6.1 | |||||||
AA |
28.2 | CCC | 2.3 | |||||||
A |
21.8 | CC | 0.5 | |||||||
BBB |
12.9 | D | 0.4 | |||||||
BB |
4.4 | Not Rated | 8.0 | |||||||
2
1. | Performance results reflect the effects of leverage. |
2. | Market yields are calculated by dividing the last regular distribution per share (annualized) by the market price. Taxable-equivalent performance is based on the highest federal tax rate (35%). Lower tax rates would result in lower tax-equivalent performance. Actual tax rate will vary depending on your income, exemptions and deductions. Rate does not include state and local taxes. Distributions may be comprised of tax-exempt income, ordinary income, net realized capital gains and return of capital. |
3. | RIB leverage represents the amount of Floating Rate Notes outstanding as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. See Floating Rate Notes Issued in Conjunction with Securities Held in the Notes to the financial statements for more information about RIB financing. APS leverage represents the liquidation value of the Funds APS outstanding as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund is required to maintain prescribed asset coverage for its APS, which could be reduced if Fund asset values decline. Floating Rate Notes in both calculations reflect adjustments for executed but unsettled TOB transactions. |
4. | The Barclays Capital Long (22+) Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more. Unless otherwise stated, indices do not reflect any applicable sales charges, commissions, leverage, taxes or other expenses of investing. Lipper Average reflects the average annual total return of funds in the same Lipper classification as the Fund. It is not possible to invest directly in an index or Lipper classification. |
5. | Ratings are based on Moody, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agencys investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is shown. |
Fund profile subject to change due to active management. |
3
Tax-Exempt Investments 200.7% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Cogeneration 1.3% | ||||||||||
Maryland Energy Financing Administration, (AES Warrior Run),
(AMT), 7.40%, 9/1/19
|
$ | 2,950 | $ | 2,950,000 | ||||||
Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT), 6.50%, 1/1/13
|
400 | 263,352 | ||||||||
$ | 3,213,352 | |||||||||
Education 15.0% | ||||||||||
California Educational Facilities Authority, (Stanford
University),
5.25%, 12/1/32(1)
|
$ | 9,000 | $ | 9,114,930 | ||||||
Massachusetts Development Finance Agency, (Boston University),
6.00%, 5/15/59
|
1,000 | 1,042,960 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Harvard University),
5.00%, 10/1/38(1)
|
2,490 | 2,589,102 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Harvard University),
5.50%, 11/15/36(2)
|
2,500 | 2,735,425 | ||||||||
New Jersey Educational Facilities Authority, (Princeton
University), 5.00%, 7/1/34
|
1,500 | 1,601,085 | ||||||||
New York Dormitory Authority, (Cornell University),
5.00%, 7/1/39(1)
|
10,500 | 10,906,140 | ||||||||
New York Dormitory Authority, (The New School),
5.75%, 7/1/50
|
5,000 | 5,165,750 | ||||||||
Oregon State Facilities Authority, (Lewis & Clark
College Project), 5.625%, 10/1/36
|
1,475 | 1,518,572 | ||||||||
Rhode Island Health and Educational Building Corp., (University
of Rhode Island), 6.25%, 9/15/34
|
1,000 | 1,071,070 | ||||||||
$ | 35,745,034 | |||||||||
Electric Utilities 2.9% | ||||||||||
Brazos River Authority, TX, Pollution Control Revenue, (Texas
Energy Co.), (AMT), 8.25%, 5/1/33
|
$ | 3,715 | $ | 1,529,688 | ||||||
Hawaii Department of Budget and Finance, (Hawaiian Electric
Co.), 6.50%, 7/1/39
|
2,540 | 2,555,824 | ||||||||
Massachusetts Development Finance Agency, (Dominion Energy
Brayton Point), (AMT), 5.00%, 2/1/36
|
2,935 | 2,806,594 | ||||||||
$ | 6,892,106 | |||||||||
General Obligations 12.2% | ||||||||||
California, (AMT), 5.05%, 12/1/36
|
$ | 1,525 | $ | 1,401,201 | ||||||
Frisco, TX, Independent School District,
5.00%, 8/15/37(3)
|
9,000 | 9,428,220 | ||||||||
Klein, TX, Independent School District,
5.00%, 2/1/36(1)
|
3,250 | 3,403,302 | ||||||||
New York,
5.00%, 2/15/34(1)
|
2,500 | 2,640,550 | ||||||||
Northwest Independent School District, TX,
(PSF Guaranteed),
4.00%, 2/15/35(2)
|
4,000 | 3,655,000 | ||||||||
Oregon, 5.00%, 8/1/36
|
3,000 | 3,149,850 | ||||||||
Port Authority of Houston, TX, Harris County, (AMT),
5.625%, 10/1/38(1)
|
2,340 | 2,441,088 | ||||||||
Will County, IL, Community Unit School District
No. 365-U
(Valley View), 5.75%, 11/1/32
|
2,980 | 3,065,705 | ||||||||
$ | 29,184,916 | |||||||||
Health Care Miscellaneous 1.2% | ||||||||||
New Jersey Health Care Facilities Financing Authority,
(Community Hospital Group, Inc.), 5.75%, 10/1/31
|
$ | 1,865 | $ | 1,943,740 | ||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
6.00%, 12/1/36(4)
|
221 | 220,590 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
6.25%, 12/1/36(4)
|
583 | 584,678 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
7.75%, 12/1/36(4)
|
221 | 222,235 | ||||||||
$ | 2,971,243 | |||||||||
Hospital 22.5% | ||||||||||
California Health Facilities Financing Authority, (Cedars-Sinai
Medical Center), 5.00%, 8/15/39
|
$ | 2,375 | $ | 2,170,797 | ||||||
California Health Facilities Financing Authority, (Providence
Health System),
5.50%, 10/1/39(1)(5)
|
10,000 | 10,179,700 | ||||||||
California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/34
|
3,500 | 3,216,045 | ||||||||
California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/36
|
3,000 | 2,709,570 | ||||||||
Camden County, NJ, Improvement Authority, (Cooper Health
System), 5.00%, 2/15/25
|
290 | 263,894 | ||||||||
Camden County, NJ, Improvement Authority, (Cooper Health
System), 5.00%, 2/15/35
|
1,610 | 1,309,864 | ||||||||
Camden County, NJ, Improvement Authority, (Cooper Health
System), 5.25%, 2/15/27
|
1,200 | 1,092,096 | ||||||||
Hawaii Pacific Health Special Purpose Revenue, 5.50%, 7/1/40
|
1,870 | 1,669,255 | ||||||||
Illinois Finance Authority, (Provena Healthcare),
7.75%, 8/15/34
|
3,280 | 3,591,633 | ||||||||
Louisiana Public Facilities Authority, (Touro Infirmary),
5.625%, 8/15/29
|
2,575 | 2,252,713 | ||||||||
Massachusetts Development Finance Agency, (Tufts Medical
Center), 6.75%, 1/1/36
|
1,535 | 1,559,760 | ||||||||
Mecosta County, MI, (Michigan General Hospital),
6.00%, 5/15/18
|
2,045 | 2,036,902 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Hospital (continued)
|
||||||||||
Monroe County, PA, Hospital Authority, (Pocono Medical Center),
5.25%, 1/1/43
|
$ | 3,000 | $ | 2,754,030 | ||||||
New York Dormitory Authority, (Orange Regional Medical Center),
6.125%, 12/1/29
|
1,465 | 1,386,359 | ||||||||
New York Dormitory Authority, (Orange Regional Medical Center),
6.25%, 12/1/37
|
2,930 | 2,738,378 | ||||||||
North Carolina Medical Care Commission, (North Carolina Baptist
Hospital),
5.25%, 6/1/29(1)
|
11,400 | 11,679,300 | ||||||||
South Lake County, FL, Hospital District, (South Lake Hospital),
6.25%, 4/1/39
|
1,570 | 1,557,550 | ||||||||
St. Paul, MN, Housing and Redevelopment Authority,
(HealthPartners, Inc.), 5.25%, 5/15/36
|
1,500 | 1,369,770 | ||||||||
$ | 53,537,616 | |||||||||
Housing 15.9% | ||||||||||
California Rural Home Mortgage Finance Authority, (AMT),
5.50%, 8/1/47
|
$ | 3,510 | $ | 1,811,230 | ||||||
Charter Mac Equity Trust, TN,
6.00%, 5/15/19(4)
|
4,000 | 4,347,560 | ||||||||
Fairfax County, VA, Redevelopment and Housing Authority, (Cedar
Ridge), (AMT),
4.85%, 10/1/48(6)
|
1,425 | 1,279,322 | ||||||||
Lake Creek, CO, Affordable Housing Corp., MFMR,
7.00%, 12/1/23
|
1,465 | 1,465,571 | ||||||||
Nebraska Investment Finance Authority, (FHLMC), (FNMA), (GNMA),
5.90%, 9/1/36
|
1,750 | 1,821,925 | ||||||||
North Little Rock, AR, Residential Housing Facilities,
(Parkstone Place), 6.50%, 8/1/21
|
2,340 | 2,341,708 | ||||||||
Ohio Housing Finance Agency, (Residential Mortgage-Backed
Securities), (FNMA), (GNMA), (AMT), 4.75%, 3/1/37
|
1,790 | 1,635,989 | ||||||||
Oregon Health Authority, (Trillium Affordable Housing), (AMT),
6.75%, 2/15/29
|
3,160 | 2,918,892 | ||||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.70%, 10/1/37
|
3,840 | 3,529,959 | ||||||||
Rhode Island Housing and Mortgage Finance Corp., (AMT),
5.45%, 10/1/47(1)(5)
|
13,025 | 12,351,345 | ||||||||
Texas Student Housing Corp., (University of Northern Texas),
6.75%, 7/1/16
|
3,300 | 2,936,703 | ||||||||
Virginia Housing Development Authority, (AMT), 5.30%, 7/1/35
|
1,500 | 1,503,795 | ||||||||
$ | 37,943,999 | |||||||||
Industrial Development Revenue 17.1% | ||||||||||
ABIA Development Corp., TX, (Austin CargoPort Development),
(AMT), 6.50%, 10/1/24
|
$ | 1,600 | $ | 1,363,232 | ||||||
Broward County, FL, (Lynxs CargoPort), (AMT), 6.75%, 6/1/19
|
1,770 | 1,561,193 | ||||||||
Butler County, AL, Industrial Development Authority,
(International Paper Co.), (AMT), 7.00%, 9/1/32
|
1,000 | 1,067,950 | ||||||||
Capital Trust Agency, FL, (Fort Lauderdale Project),
(AMT), 5.75%, 1/1/32
|
1,060 | 895,032 | ||||||||
Clayton County, GA, Development Authority, (Delta Airlines,
Inc.), 8.75%, 6/1/29
|
400 | 454,756 | ||||||||
Clayton County, GA, Development Authority, (Delta Airlines,
Inc.), (AMT), 9.00%, 6/1/35
|
2,240 | 2,409,277 | ||||||||
Denver, CO, City and County, (United Airlines), (AMT),
5.25%, 10/1/32
|
2,625 | 2,164,969 | ||||||||
Denver, CO, City and County, (United Airlines), (AMT),
5.75%, 10/1/32
|
2,305 | 2,029,599 | ||||||||
Gulf Coast, TX, Waste Disposal Authority, (Valero Energy Corp.),
5.60%, 4/1/32
|
1,000 | 905,250 | ||||||||
Gulf Coast, TX, Waste Disposal Authority, (Valero Energy Corp.),
(AMT), 5.70%, 4/1/32
|
2,500 | 2,346,325 | ||||||||
Illinois Finance Authority, (Navistar International Corp.),
6.50%, 10/15/40
|
1,735 | 1,783,823 | ||||||||
Indiana Financing Authority, (Duke Energy Indiana, Inc.),
6.00%, 8/1/39
|
1,000 | 1,060,110 | ||||||||
Luzerne County, PA, Industrial Development Authority,
(Pennsylvania-American
Water Co.), 5.50%, 12/1/39
|
1,600 | 1,609,168 | ||||||||
New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 6.25%, 9/15/29
|
5,000 | 4,654,750 | ||||||||
New York, NY, Industrial Development Agency, (American Airlines,
Inc.-JFK
International Airport), (AMT), 7.75%, 8/1/31
|
8,140 | 8,310,859 | ||||||||
New York, NY, Industrial Development Agency, (American Airlines,
Inc.-JFK
International Airport), (AMT), 8.50%, 8/1/28
|
3,500 | 3,579,520 | ||||||||
Phoenix, AZ, Industrial Development Authority, (America West
Airlines, Inc.), (AMT), 6.25%, 6/1/19
|
4,630 | 4,056,065 | ||||||||
Puerto Rico Port Authority, (American Airlines, Inc.), (AMT),
6.30%, 6/1/23
|
570 | 474,325 | ||||||||
$ | 40,726,203 | |||||||||
Insured General Obligations 0.7% | ||||||||||
Arcadia, CA, Unified School District, (AGM), 0.00%, 8/1/38
|
$ | 10,000 | $ | 1,567,000 | ||||||
$ | 1,567,000 | |||||||||
Insured Hospital 14.5% | ||||||||||
Indiana Health and Educational Facility Finance Authority,
(Sisters of St. Francis Health Services), (AGM),
5.25%, 5/15/41(1)
|
$ | 3,250 | $ | 3,232,905 | ||||||
Iowa Finance Authority, Health Facilities, (Iowa Health System),
(AGC), 5.625%, 8/15/37
|
2,625 | 2,690,599 | ||||||||
Kentucky Economic Development Authority, (Norton Healthcare,
Inc.), (NPFG), 0.00%, 10/1/25
|
15,000 | 6,379,200 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured
Hospital (continued)
|
||||||||||
Kentucky Economic Development Authority, (Norton Healthcare,
Inc.), (NPFG), 0.00%, 10/1/26
|
$ | 17,080 | $ | 6,608,081 | ||||||
Kentucky Economic Development Authority, (Norton Healthcare,
Inc.), (NPFG), 0.00%, 10/1/27
|
8,590 | 3,016,894 | ||||||||
Maryland Health and Higher Educational Facilities Authority,
(Lifebridge Health), (AGC),
4.75%, 7/1/47(1)
|
2,500 | 2,185,325 | ||||||||
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series I, (AGC),
5.00%, 7/1/38(1)
|
9,980 | 9,797,964 | ||||||||
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series V, (AGC),
5.00%, 7/1/38(1)
|
750 | 736,320 | ||||||||
$ | 34,647,288 | |||||||||
Insured Housing 0.5% | ||||||||||
Broward County, FL, Housing Finance Authority, MFMR, (Venice
Homes Apartments), (AGM), (AMT), 5.70%, 1/1/32
|
$ | 1,100 | $ | 1,100,066 | ||||||
$ | 1,100,066 | |||||||||
Insured Lease Revenue / Certificates of Participation 2.2% | ||||||||||
Hudson Yards Infrastructure Corp., NY, (NPFG),
4.50%, 2/15/47
|
$ | 2,665 | $ | 2,232,737 | ||||||
San Diego County, CA, Water Authority, Certificates of
Participation, (AGM),
5.00%, 5/1/38(1)
|
3,000 | 3,023,430 | ||||||||
$ | 5,256,167 | |||||||||
Insured Other Revenue 5.4% | ||||||||||
Harris County-Houston, TX, Sports Authority, (NPFG),
0.00%, 11/15/34
|
$ | 4,210 | $ | 792,196 | ||||||
New York, NY, Industrial Development Agency, (Queens Baseball
Stadium), (AGC), 6.50%, 1/1/46
|
400 | 412,384 | ||||||||
New York, NY, Industrial Development Agency, (Yankee Stadium),
(AGC), 0.00%, 3/1/36
|
10,325 | 2,356,062 | ||||||||
New York, NY, Industrial Development Agency, (Yankee Stadium),
(AGC), 0.00%, 3/1/37
|
8,600 | 1,834,896 | ||||||||
New York, NY, Industrial Development Agency, (Yankee Stadium),
(AGC), 7.00%, 3/1/49
|
3,100 | 3,434,583 | ||||||||
New York, NY, Industrial Development Agency, (Yankee Stadium),
(NPFG), 4.75%, 3/1/46
|
4,850 | 4,159,166 | ||||||||
$ | 12,989,287 | |||||||||
Insured Special Tax Revenue 10.0% | ||||||||||
Metropolitan Pier and Exposition Authority, IL, (AGM), (NPFG),
0.00%, 12/15/38(6)
|
$ | 50,000 | $ | 8,727,500 | ||||||
Miami-Dade County, FL, Professional Sports Franchise Facilities,
(AGC), 0.00%, 10/1/37
|
34,950 | 6,601,705 | ||||||||
New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 4.75%, 11/15/45
|
2,285 | 2,085,245 | ||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
14,850 | 817,938 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/43
|
22,500 | 2,720,475 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
17,245 | 1,810,380 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
10,850 | 1,060,154 | ||||||||
$ | 23,823,397 | |||||||||
Insured Student Loan 5.7% | ||||||||||
Maine Educational Loan Authority, (AGC), 5.625%, 12/1/27
|
$ | 3,005 | $ | 3,134,636 | ||||||
Massachusetts Educational Financing Authority, (AGC), (AMT),
6.35%, 1/1/30
|
710 | 742,319 | ||||||||
Massachusetts Educational Financing Authority, (AMBAC), (AMT),
4.70%, 1/1/33
|
7,940 | 7,147,429 | ||||||||
New Jersey Higher Education Student Assistance Authority, (AGC),
(AMT), 6.125%, 6/1/30
|
2,530 | 2,649,998 | ||||||||
$ | 13,674,382 | |||||||||
Insured Transportation 18.9% | ||||||||||
Alameda, CA, Corridor Transportation Authority, (NPFG),
0.00%, 10/1/33
|
$ | 12,425 | $ | 2,583,779 | ||||||
Clark County, NV, (Las Vegas-McCarran International Airport),
(AGM), 5.25%, 7/1/39
|
3,850 | 3,758,678 | ||||||||
Director of the State of Nevada Department of Business and
Industry, (Las Vegas Monorail), (AMBAC),
5.375%, 1/1/32(7)
|
1,000 | 240,550 | ||||||||
Director of the State of Nevada Department of Business and
Industry, (Las Vegas Monorail), (AMBAC),
5.625%, 1/1/40(7)
|
5,500 | 1,323,025 | ||||||||
Maryland Transportation Authority, (AGM), 5.00%, 7/1/41
|
2,100 | 2,167,515 | ||||||||
Miami-Dade County, FL, (Miami International Airport), (AGC),
(CIFG), (AMT), 5.00%, 10/1/38
|
3,640 | 3,240,583 | ||||||||
Miami-Dade County, FL, (Miami International Airport), (AGM),
(AMT), 5.25%, 10/1/41
|
3,140 | 2,888,266 | ||||||||
North Carolina Turnpike Authority, (AGC), 0.00%, 1/1/34
|
15,000 | 3,895,500 | ||||||||
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41(1)
|
9,820 | 9,335,972 | ||||||||
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road
Bonds, (NPFG), 0.00%, 1/15/32
|
10,555 | 1,556,757 | ||||||||
San Jose, CA, Airport, (AGM), (AMBAC), (AMT),
5.00%, 3/1/37(5)
|
1,610 | 1,467,740 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured
Transportation (continued)
|
||||||||||
San Jose, CA, Airport, (AGM), (AMBAC), (BHAC), (AMT),
5.00%, 3/1/37
|
$ | 2,500 | $ | 2,333,600 | ||||||
San Jose, CA, Airport, (AMBAC), (AMT), 5.50%, 3/1/32
|
8,805 | 8,705,415 | ||||||||
Texas Turnpike Authority, (Central Texas Turnpike System),
(AMBAC), 0.00%, 8/15/34
|
5,175 | 1,126,391 | ||||||||
Texas Turnpike Authority, (Central Texas Turnpike System),
(AMBAC), 0.00%, 8/15/35
|
2,015 | 409,730 | ||||||||
$ | 45,033,501 | |||||||||
Insured Water and Sewer 9.1% | ||||||||||
Austin, TX, Water and Wastewater, (AGM), (BHAC),
5.00%, 11/15/33(1)
|
$ | 3,750 | $ | 3,840,637 | ||||||
DeKalb, GA, Water and Sewer, (AGM),
5.00%, 10/1/35(1)
|
17,985 | 17,771,698 | ||||||||
$ | 21,612,335 | |||||||||
Lease Revenue / Certificates of Participation 2.0% | ||||||||||
Mohave County, AZ, Industrial Development Authority, (Mohave
Prison LLC), 8.00%, 5/1/25
|
$ | 4,400 | $ | 4,842,772 | ||||||
$ | 4,842,772 | |||||||||
Nursing Home 1.2% | ||||||||||
Orange County, FL, Health Facilities Authority, (Westminster
Community Care), 6.60%, 4/1/24
|
$ | 265 | $ | 253,883 | ||||||
Orange County, FL, Health Facilities Authority, (Westminster
Community Care), 6.75%, 4/1/34
|
2,735 | 2,510,648 | ||||||||
$ | 2,764,531 | |||||||||
Other Revenue 13.4% | ||||||||||
Brooklyn, NY, Arena Local Development Corp., (Barclays Center),
6.00%, 7/15/30
|
$ | 785 | $ | 780,526 | ||||||
Brooklyn, NY, Arena Local Development Corp., (Barclays Center),
6.25%, 7/15/40
|
880 | 885,456 | ||||||||
Brooklyn, NY, Arena Local Development Corp., (Barclays Center),
6.375%, 7/15/43
|
480 | 487,099 | ||||||||
Central Falls, RI, Detention Facility Corp., 7.25%, 7/15/35
|
1,955 | 1,588,457 | ||||||||
Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48
|
7,600 | 5,245,976 | ||||||||
Michigan Tobacco Settlement Finance Authority,
6.875%, 6/1/42
|
2,350 | 2,070,280 | ||||||||
Mohegan Tribe Indians Gaming Authority, CT, (Public
Improvements),
6.25%, 1/1/21(4)
|
1,500 | 1,352,550 | ||||||||
New Jersey Economic Development Authority, (Duke Farms
Foundation),
5.00%, 7/1/48(1)
|
2,370 | 2,417,898 | ||||||||
New York, NY, Transitional Finance Authority, (Building Aid),
4.50%, 1/15/38
|
1,310 | 1,233,391 | ||||||||
Otero County, NM, Jail Project Revenue, 5.50%, 4/1/13
|
85 | 83,263 | ||||||||
Otero County, NM, Jail Project Revenue, 5.75%, 4/1/18
|
360 | 325,944 | ||||||||
Otero County, NM, Jail Project Revenue, 6.00%, 4/1/23
|
100 | 87,502 | ||||||||
Otero County, NM, Jail Project Revenue, 6.00%, 4/1/28
|
110 | 89,046 | ||||||||
Salt Verde Financial Corp., AZ, Senior Gas Revenue,
5.00%, 12/1/37
|
8,000 | 7,070,240 | ||||||||
Seminole Tribe, FL,
5.25%, 10/1/27(4)
|
4,000 | 3,528,520 | ||||||||
Seminole Tribe, FL,
5.50%, 10/1/24(4)
|
1,365 | 1,261,547 | ||||||||
Tobacco Settlement Financing Corp., VA, 5.00%, 6/1/47
|
4,180 | 2,439,239 | ||||||||
White Earth Band of Chippewa Indians, MN,
6.375%, 12/1/26(4)(5)
|
1,415 | 984,118 | ||||||||
$ | 31,931,052 | |||||||||
Senior Living / Life Care 2.4% | ||||||||||
Cliff House Trust, PA, (AMT),
6.625%, 6/1/27(8)
|
$ | 3,210 | $ | 1,682,297 | ||||||
Douglas County, NE, Hospital Authority No. 2, (Immanuel
Obligated Group), 5.50%, 1/1/30
|
535 | 548,953 | ||||||||
Douglas County, NE, Hospital Authority No. 2, (Immanuel
Obligated Group), 5.625%, 1/1/40
|
1,075 | 1,079,665 | ||||||||
Logan County, CO, Industrial Development, (TLC Care Choices,
Inc.),
0.65%, 12/1/23(8)
|
3,240 | 2,355,804 | ||||||||
$ | 5,666,719 | |||||||||
Special Tax Revenue 7.5% | ||||||||||
Covington Park, FL, Community Development District, (Capital
Improvements), 5.00%, 5/1/31
|
$ | 500 | $ | 461,980 | ||||||
Dupree Lakes, FL, Community Development District,
5.00%, 5/1/12
|
60 | 57,200 | ||||||||
Dupree Lakes, FL, Community Development District,
5.375%, 5/1/37
|
330 | 256,842 | ||||||||
Dupree Lakes, FL, Community Development District,
6.83%, 11/1/15
|
235 | 227,403 | ||||||||
Heritage Harbor South, FL, Community Development District,
(Capital Improvements), 6.20%, 5/1/35
|
275 | 259,949 | ||||||||
Heritage Springs, FL, Community Development District,
5.25%, 5/1/26
|
200 | 172,561 | ||||||||
New River, FL, Community Development District, (Capital
Improvements),
Series 2010A-1,
5.75%, (0.00% until 11/1/12), 5/1/38
|
65 | 38,064 | ||||||||
New River, FL, Community Development District, (Capital
Improvements),
Series 2010A-2,
5.75%, (0.00% until 11/1/14), 5/1/38
|
165 | 60,555 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Special Tax Revenue (continued)
|
||||||||||
New River, FL, Community Development District, (Capital
Improvements),
Series 2010B-1,
5.00%, (0.00% until 11/1/12), 5/1/15
|
$ | 100 | $ | 81,502 | ||||||
New River, FL, Community Development District, (Capital
Improvements),
Series 2010B-2,
5.00%, (0.00% until 11/1/13), 5/1/18
|
130 | 52,447 | ||||||||
New River, FL, Community Development District, (Capital
Improvements),
5.00%, 5/1/13(7)
|
90 | 0 | ||||||||
New River, FL, Community Development District, (Capital
Improvements),
5.35%, 5/1/38(7)
|
35 | 0 | ||||||||
New York, NY, Transitional Finance Authority, Future Tax
Revenue,
5.50%, 11/1/35(1)
|
5,000 | 5,442,200 | ||||||||
New York, NY, Transitional Finance Authority, Future Tax
Revenue,
5.50%, 11/1/35(5)
|
5,000 | 5,442,200 | ||||||||
North Springs, FL, Improvement District, (Heron Bay),
5.20%, 5/1/27
|
310 | 234,208 | ||||||||
North Springs, FL, Improvement District, (Heron Bay),
7.00%, 5/1/19
|
475 | 474,107 | ||||||||
River Hall, FL, Community Development District, (Capital
Improvements), 0.00%, 5/1/36
|
535 | 243,693 | ||||||||
River Hall, FL, Community Development District, (Capital
Improvements), 5.45%, 5/1/36
|
485 | 354,312 | ||||||||
Southern Hills Plantation I, FL, Community Development District,
0.00%, 5/1/35
|
205 | 121,735 | ||||||||
Southern Hills Plantation I, FL, Community Development District,
5.80%, 5/1/35
|
283 | 231,060 | ||||||||
Sterling Hill, FL, Community Development District,
6.20%, 5/1/35
|
600 | 522,780 | ||||||||
University Square, FL, Community Development District,
6.75%, 5/1/20
|
585 | 583,795 | ||||||||
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
|
1,780 | 1,865,636 | ||||||||
Waterlefe, FL, Community Development District, 6.95%, 5/1/31
|
640 | 639,264 | ||||||||
$ | 17,823,493 | |||||||||
Student Loan 3.5% | ||||||||||
New Jersey Higher Education Student Assistance Authority, (AMT),
Variable Rate,
1.261%, 6/1/36(1)(5)(9)
|
$ | 8,500 | $ | 8,298,975 | ||||||
$ | 8,298,975 | |||||||||
Transportation 14.4% | ||||||||||
Augusta, GA, (AMT), 5.35%, 1/1/28
|
$ | 1,000 | $ | 903,820 | ||||||
Los Angeles Department of Airports, CA, (Los Angeles
International Airport), (AMT), 5.375%, 5/15/33
|
1,000 | 1,015,610 | ||||||||
Memphis-Shelby County, TN, Airport Authority, (AMT),
5.75%, 7/1/24
|
400 | 430,132 | ||||||||
Metropolitan Transportation Authority, NY, 5.25%, 11/15/40
|
1,500 | 1,517,235 | ||||||||
Miami-Dade County, FL, (Miami International Airport),
5.00%, 10/1/41
|
1,500 | 1,390,860 | ||||||||
Miami-Dade County, FL, (Miami International Airport),
5.50%, 10/1/36
|
3,760 | 3,785,906 | ||||||||
North Texas Tollway Authority, 5.75%, 1/1/38
|
1,515 | 1,516,561 | ||||||||
Pennsylvania Turnpike Commission, 5.25%, 6/1/39
|
625 | 620,919 | ||||||||
Pennsylvania Turnpike Commission, 5.50%, 12/1/41
|
375 | 378,420 | ||||||||
Pennsylvania Turnpike Commission, 6.375%, (0.00% until 12/1/17),
12/1/38
|
2,500 | 1,764,375 | ||||||||
Port Authority of New York and New Jersey, (AMT),
5.75%, 3/15/35(1)
|
7,290 | 7,571,977 | ||||||||
Texas Private Activity Bond Surface Transportation Corp., (LBJ
Express Managed Lanes Project), 7.00%, 6/30/34
|
1,885 | 2,009,429 | ||||||||
Texas Private Activity Bond Surface Transportation Corp., (North
Tarrant Express Managed Lanes Project), 6.875%, 12/31/39
|
1,725 | 1,813,182 | ||||||||
Triborough Bridge & Tunnel Authority, NY,
5.00%, 11/15/37(1)
|
9,300 | 9,510,738 | ||||||||
$ | 34,229,164 | |||||||||
Water and Sewer 1.2% | ||||||||||
Massachusetts Water Resources Authority, 4.00%, 8/1/46
|
$ | 3,405 | $ | 2,985,060 | ||||||
$ | 2,985,060 | |||||||||
Total Tax-Exempt
Investments 200.7%
|
||||||||||
(identified cost $495,443,152)
|
$ | 478,459,658 | ||||||||
Auction Preferred Shares Plus
Cumulative
Unpaid Dividends (50.4)% |
$ | (120,156,013 | ) | |||||||
Other Assets, Less
Liabilities (50.3)%
|
$ | (119,913,513 | ) | |||||||
Net Assets Applicable to Common
Shares 100.0%
|
$ | 238,390,132 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
AMT
|
- Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
|
|
BHAC
|
- Berkshire Hathaway Assurance Corp.
|
|
CIFG
|
- CIFG Assurance North America, Inc.
|
|
FHLMC
|
- Federal Home Loan Mortgage Corporation
|
|
FNMA
|
- Federal National Mortgage Association
|
GNMA
|
- Government National Mortgage Association
|
|
MFMR
|
- Multi-Family Mortgage Revenue
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
PSF
|
- Permanent School Fund
|
|
SFMR
|
- Single Family Mortgage Revenue
|
New York
|
17.6%
|
|
California
|
11.0%
|
|
Others, representing less than 10% individually
|
71.4%
|
(1) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). | |
(2) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(3) | When-issued security. | |
(4) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At May 31, 2011, the aggregate value of these securities is $12,501,798 or 5.2% of the Trusts net assets applicable to common shares. | |
(5) | Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $8,521,663. | |
(6) | Security (or a portion thereof) has been segregated to cover payable for when-issued securities. | |
(7) | Defaulted bond. | |
(8) | Security is in default and is making only partial interest payments. | |
(9) | Variable rate security. The stated interest rate represents the rate in effect at May 31, 2011. |
Assets | May 31, 2011 | |||||
Investments, at value (identified cost, $495,443,152)
|
$ | 478,459,658 | ||||
Interest receivable
|
7,261,921 | |||||
Receivable for investments sold
|
1,342,081 | |||||
Deferred debt issuance costs
|
61,600 | |||||
Total assets
|
$ | 487,125,260 | ||||
Liabilities | ||||||
Payable for floating rate notes issued
|
$ | 115,715,000 | ||||
Payable for investments purchased
|
421,625 | |||||
Payable for when-issued securities
|
9,430,290 | |||||
Payable for variation margin on open financial futures contracts
|
153,125 | |||||
Due to custodian
|
2,265,291 | |||||
Payable to affiliates:
|
||||||
Investment adviser fee
|
228,067 | |||||
Administration fee
|
68,079 | |||||
Trustees fees
|
2,258 | |||||
Interest expense and fees payable
|
199,249 | |||||
Accrued expenses
|
96,131 | |||||
Total liabilities
|
$ | 128,579,115 | ||||
Auction preferred shares at liquidation value plus cumulative
unpaid dividends
|
$ | 120,156,013 | ||||
Net assets applicable to common shares
|
$ | 238,390,132 | ||||
Sources of Net Assets | ||||||
Common shares, $0.01 par value, unlimited number of shares
authorized
|
$ | 227,095 | ||||
Additional paid-in capital
|
304,268,498 | |||||
Accumulated net realized loss
|
(53,614,254 | ) | ||||
Accumulated undistributed net investment income
|
5,102,011 | |||||
Net unrealized depreciation
|
(17,593,218 | ) | ||||
Net assets applicable to common shares
|
$ | 238,390,132 | ||||
Auction Preferred
Shares Issued and Outstanding (Liquidation preference of $25,000 per share) |
4,806 | |||||
Common Shares Outstanding | 22,709,458 | |||||
Net Asset Value Per Common Share | ||||||
Net assets applicable to common shares
¸
common shares issued and outstanding
|
$ | 10.50 | ||||
Six Months Ended |
||||||
Investment Income | May 31, 2011 | |||||
Interest
|
$ | 14,277,135 | ||||
Total investment income
|
$ | 14,277,135 | ||||
Expenses | ||||||
Investment adviser fee
|
$ | 1,344,285 | ||||
Administration fee
|
393,982 | |||||
Trustees fees and expenses
|
6,427 | |||||
Custodian fee
|
78,592 | |||||
Transfer and dividend disbursing agent fees
|
12,766 | |||||
Legal and accounting services
|
40,972 | |||||
Printing and postage
|
9,732 | |||||
Interest expense and fees
|
493,528 | |||||
Preferred shares service fee
|
86,910 | |||||
Miscellaneous
|
24,295 | |||||
Total expenses
|
$ | 2,491,489 | ||||
Deduct
|
||||||
Reduction of custodian fee
|
$ | 1,018 | ||||
Total expense reductions
|
$ | 1,018 | ||||
Net expenses
|
$ | 2,490,471 | ||||
Net investment income
|
$ | 11,786,664 | ||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss)
|
||||||
Investment transactions
|
$ | (10,769,191 | ) | |||
Extinguishment of debt
|
(14,532 | ) | ||||
Financial futures contracts
|
(3,899,844 | ) | ||||
Net realized loss
|
$ | (14,683,567 | ) | |||
Change in unrealized appreciation (depreciation)
|
||||||
Investments
|
$ | 1,829,516 | ||||
Financial futures contracts
|
(609,724 | ) | ||||
Net change in unrealized appreciation (depreciation)
|
$ | 1,219,792 | ||||
Net realized and unrealized loss
|
$ | (13,463,775 | ) | |||
Distributions to preferred shareholders
|
||||||
From net investment income
|
$ | (240,988 | ) | |||
Net decrease in net assets from operations
|
$ | (1,918,099 | ) | |||
Six Months Ended |
||||||||||
May 31, 2011 |
Year Ended |
|||||||||
Increase (Decrease) in Net Assets | (Unaudited) | November 30, 2010 | ||||||||
From operations
|
||||||||||
Net investment income
|
$ | 11,786,664 | $ | 23,363,569 | ||||||
Net realized loss from investment transactions, extinguishment
of debt, financial futures contracts, and swap contracts
|
(14,683,567 | ) | (90,234 | ) | ||||||
Net change in unrealized appreciation (depreciation) from
investments and financial futures contracts
|
1,219,792 | 3,686,555 | ||||||||
Distributions to preferred shareholders
|
||||||||||
From net investment income
|
(240,988 | ) | (486,126 | ) | ||||||
Net increase (decrease) in net assets from operations
|
$ | (1,918,099 | ) | $ | 26,473,764 | |||||
Distributions to common shareholders
|
||||||||||
From net investment income
|
$ | (11,219,958 | ) | $ | (21,280,833 | ) | ||||
Total distributions to common shareholders
|
$ | (11,219,958 | ) | $ | (21,280,833 | ) | ||||
Capital share transactions
|
||||||||||
Reinvestment of distributions to common shareholders
|
$ | 797,355 | $ | 1,692,126 | ||||||
Net increase in net assets from capital share transactions
|
$ | 797,355 | $ | 1,692,126 | ||||||
Net increase (decrease) in net assets
|
$ | (12,340,702 | ) | $ | 6,885,057 | |||||
Net Assets Applicable to Common Shares | ||||||||||
At beginning of period
|
$ | 250,730,834 | $ | 243,845,777 | ||||||
At end of period
|
$ | 238,390,132 | $ | 250,730,834 | ||||||
Accumulated undistributed net
investment income included in net assets applicable to common shares |
||||||||||
At end of period
|
$ | 5,102,011 | $ | 4,776,293 | ||||||
Six Months Ended |
||||||
May 31, 2011 |
||||||
Cash Flows From Operating Activities | (Unaudited) | |||||
Net decrease in net assets from operations
|
$ | (1,918,099 | ) | |||
Distributions to preferred shareholders
|
240,988 | |||||
Net decrease in net assets from operations excluding
distributions to preferred shareholders
|
$ | (1,677,111 | ) | |||
Adjustments to reconcile net decrease in net assets from
operations to net cash provided by operating activities:
|
||||||
Investments purchased
|
(51,021,182 | ) | ||||
Investments sold
|
48,125,609 | |||||
Net amortization/accretion of premium (discount)
|
(2,168,994 | ) | ||||
Amortization of deferred debt issuance costs
|
4,264 | |||||
Decrease in interest receivable
|
63,696 | |||||
Decrease in receivable for investments sold
|
1,365,107 | |||||
Increase in payable for investments purchased
|
421,625 | |||||
Decrease in payable for when-issued securities
|
(260,945 | ) | ||||
Increase in payable for variation margin on open financial
futures contracts
|
153,125 | |||||
Decrease in payable to affiliate for investment adviser fee
|
(11,375 | ) | ||||
Decrease in payable to affiliate for administration fee
|
(1,831 | ) | ||||
Decrease in payable to affiliate for Trustees fees
|
(348 | ) | ||||
Decrease in interest expense and fees payable
|
(87,198 | ) | ||||
Decrease in accrued expenses
|
(98,594 | ) | ||||
Net change in unrealized (appreciation) depreciation from
investments
|
(1,829,516 | ) | ||||
Net realized loss from investments
|
10,769,191 | |||||
Net realized loss on extinguishment of debt
|
14,532 | |||||
Net cash provided by operating activities
|
$ | 3,760,055 | ||||
Cash Flows From Financing Activities | ||||||
Distributions paid to common shareholders, net of reinvestments
|
$ | (10,422,603 | ) | |||
Cash distributions paid to preferred shareholders
|
(243,467 | ) | ||||
Proceeds from secured borrowings
|
8,440,000 | |||||
Repayment of secured borrowings
|
(10,385,000 | ) | ||||
Increase in due to custodian
|
2,265,291 | |||||
Net cash used in financing activities
|
$ | (10,345,779 | ) | |||
Net decrease in cash
|
$ | (6,585,724 | ) | |||
Cash at beginning of period
|
$ | 6,585,724 | ||||
Cash at end of period
|
$ | 0 | ||||
Supplemental disclosure of cash flow information: | ||||||
Noncash financing activities not included herein consist of:
|
||||||
Reinvestment of dividends and distributions
|
$ | 797,355 | ||||
Cash paid for interest and fees
|
576,462 | |||||
Six Months Ended |
Year Ended November 30, | |||||||||||||||||||||||||
May 31, 2011 |
||||||||||||||||||||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Net asset value Beginning of period (Common shares)
|
$ | 11.080 | $ | 10.840 | $ | 8.110 | $ | 14.370 | $ | 15.880 | $ | 14.470 | ||||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.520 | $ | 1.036 | $ | 0.981 | $ | 1.067 | $ | 1.076 | $ | 1.100 | ||||||||||||||
Net realized and unrealized gain (loss)
|
(0.594 | ) | 0.169 | 2.648 | (6.262 | ) | (1.518 | ) | 1.444 | |||||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||||||
From net investment
income(1)
|
(0.011 | ) | (0.022 | ) | (0.036 | ) | (0.258 | ) | (0.278 | ) | (0.252 | ) | ||||||||||||||
Total income (loss) from operations
|
$ | (0.085 | ) | $ | 1.183 | $ | 3.593 | $ | (5.453 | ) | $ | (0.720 | ) | $ | 2.292 | |||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||||||
From net investment income
|
$ | (0.495 | ) | $ | (0.943 | ) | $ | (0.863 | ) | $ | (0.807 | ) | $ | (0.790 | ) | $ | (0.882 | ) | ||||||||
Total distributions to common shareholders
|
$ | (0.495 | ) | $ | (0.943 | ) | $ | (0.863 | ) | $ | (0.807 | ) | $ | (0.790 | ) | $ | (0.882 | ) | ||||||||
Net asset value End of period (Common shares)
|
$ | 10.500 | $ | 11.080 | $ | 10.840 | $ | 8.110 | $ | 14.370 | $ | 15.880 | ||||||||||||||
Market value End of period (Common shares)
|
$ | 12.130 | $ | 11.980 | $ | 11.480 | $ | 8.450 | $ | 13.300 | $ | 16.010 | ||||||||||||||
Total Investment Return on Net Asset
Value(2)
|
(0.80 | )%(3) | 10.74 | % | 46.43 | % | (39.72 | )% | (4.62 | )% | 16.33 | % | ||||||||||||||
Total Investment Return on Market
Value(2)
|
5.99 | %(3) | 13.06 | % | 48.84 | % | (32.13 | )% | (12.44 | )% | 13.43 | % | ||||||||||||||
Six Months Ended |
Year Ended November 30, | |||||||||||||||||||||||||
May 31, 2011 |
||||||||||||||||||||||||||
Ratios/Supplemental Data | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Net assets applicable to common shares, end of period
(000s omitted)
|
$ | 238,390 | $ | 250,731 | $ | 243,846 | $ | 140,254 | $ | 246,974 | $ | 272,274 | ||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(4)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
1.76 | %(6) | 1.73 | % | 2.00 | % | 1.84 | % | 1.71 | %(5) | 1.76 | % | ||||||||||||||
Interest and fee
expense(7)
|
0.43 | %(6) | 0.34 | % | 0.47 | % | 0.73 | % | 1.35 | % | 1.46 | % | ||||||||||||||
Total expenses before custodian fee reduction
|
2.19 | %(6) | 2.07 | % | 2.47 | % | 2.57 | % | 3.06 | %(5) | 3.22 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.75 | %(6) | 1.73 | % | 2.00 | % | 1.82 | % | 1.70 | %(5) | 1.75 | % | ||||||||||||||
Net investment income
|
10.35 | %(6) | 9.00 | % | 10.44 | % | 8.45 | % | 7.02 | % | 7.27 | % | ||||||||||||||
Portfolio Turnover
|
10 | %(3) | 16 | % | 44 | % | 53 | % | 37 | % | 41 | % | ||||||||||||||
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
|
||||||||||||||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares):(4)
|
||||||||||||||||||||||||||
Expenses excluding interest and fees
|
1.15 | %(6) | 1.19 | % | 1.26 | % | 1.17 | % | 1.14 | %(5) | 1.17 | % | ||||||||||||||
Interest and fee
expense(7)
|
0.28 | %(6) | 0.23 | % | 0.29 | % | 0.47 | % | 0.90 | % | 0.97 | % | ||||||||||||||
Total expenses before custodian fee reduction
|
1.43 | %(6) | 1.42 | % | 1.55 | % | 1.64 | % | 2.04 | %(5) | 2.14 | % | ||||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.15 | %(6) | 1.19 | % | 1.26 | % | 1.16 | % | 1.14 | %(5) | 1.17 | % | ||||||||||||||
Net investment income
|
6.78 | %(6) | 6.15 | % | 6.56 | % | 5.40 | % | 4.69 | % | 4.83 | % | ||||||||||||||
Senior Securities:
|
||||||||||||||||||||||||||
Total preferred shares outstanding
|
4,806 | 4,806 | 4,806 | 4,394 | 5,240 | 5,240 | ||||||||||||||||||||
Asset coverage per preferred
share(8)
|
$ | 74,604 | $ | 77,172 | $ | 75,739 | $ | 56,919 | $ | 72,138 | $ | 76,963 | ||||||||||||||
Involuntary liquidation preference per preferred
share(9)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||
Approximate market value per preferred
share(9)
|
$ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Not annualized. | |
(4) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(5) | The investment adviser was allocated a portion of the Trusts operating expenses (equal to less than 0.005% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. | |
(6) | Annualized. | |
(7) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). | |
(8) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing the result by the number of preferred shares outstanding. | |
(9) | Plus accumulated and unpaid dividends. |
APS Issued and |
||||||
Outstanding | ||||||
Series A
|
2,000 | |||||
Series B
|
2,000 | |||||
Series C
|
806 | |||||
APS Dividend |
Dividends |
Average APS |
Dividend |
|||||||||||||||
Rates at |
Accrued to APS |
Dividend |
Rate |
|||||||||||||||
May 31, 2011 | Shareholders | Rates | Ranges (%) | |||||||||||||||
Series A
|
0.31 | % | $ | 100,978 | 0.41 | % | 0.310.69 | |||||||||||
Series B
|
0.31 | 99,537 | 0.40 | 0.310.69 | ||||||||||||||
Series C
|
0.31 | 40,473 | 0.40 | 0.310.69 | ||||||||||||||
Six Months Ended |
||||||||||
May 31, 2011 | Year Ended | |||||||||
(Unaudited) | November 30, 2010 | |||||||||
Issued pursuant to the Trusts dividend reinvestment plan
|
73,923 | 144,257 | ||||||||
Net increase
|
73,923 | 144,257 | ||||||||
Aggregate cost
|
$ | 378,782,962 | ||||
Gross unrealized appreciation
|
$ | 14,788,601 | ||||
Gross unrealized depreciation
|
(30,826,905 | ) | ||||
Net unrealized depreciation
|
$ | (16,038,304 | ) | |||
Futures Contracts | ||||||||||||||||||
Net |
||||||||||||||||||
Unrealized |
||||||||||||||||||
Expiration Date | Contracts | Position | Aggregate Cost | Value | Depreciation | |||||||||||||
9/11
|
200 U.S. 10-Year Treasury Note |
Short | $ | (24,340,259 | ) | $ | (24,521,875 | ) | $ | (181,616 | ) | |||||||
9/11
|
500 U.S. 30-Year Treasury Bond |
Short | (61,993,768 | ) | (62,421,876 | ) | (428,108 | ) | ||||||||||
$ | (609,724 | ) | ||||||||||||||||
Fair Value | ||||||||||
Asset Derivative | Liability Derivative | |||||||||
Futures Contracts
|
$ | | $ | (609,724 | )(1) | |||||
Total
|
$ | | $ | (609,724 | ) | |||||
(1) | Amount represents cumulative unrealized depreciation on futures contracts in the Futures Contracts table above. Only the current days variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable. |
Realized Gain (Loss) |
Change in Unrealized |
|||||||||
on Derivatives Recognized |
Appreciation (Depreciation) on |
|||||||||
Derivative | in Income(1) | Derivatives Recognized in Income(2) | ||||||||
Future Contracts
|
$ | (3,899,844 | ) | $ | (609,724 | ) | ||||
(1) | Statement of Operations location: Net realized gain (loss) Financial futures contracts. | |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation) Financial futures contracts. |
| Level 1 quoted prices in active markets for identical investments |
| Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3 significant unobservable inputs (including a funds own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 478,459,658 | $ | | $ | 478,459,658 | ||||||||||
Total Investments
|
$ | | $ | 478,459,658 | $ | | $ | 478,459,658 | ||||||||||
Liability Description
|
||||||||||||||||||
Futures Contracts
|
$ | (609,724 | ) | $ | | $ | | $ | (609,724 | ) | ||||||||
Total
|
$ | (609,724 | ) | $ | | $ | | $ | (609,724 | ) | ||||||||
Nominees for Trustee |
Number of Shares | |||||||||
Elected by All Shareholders | For | Withheld | ||||||||
William H. Park (Class III)
|
20,790,073 | 503,612 | ||||||||
Helen Frame Peters (Class III)
|
20,796,696 | 496,992 |
| An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds; | |
| An independent report comparing each funds total expense ratio and its components to comparable funds; | |
| An independent report comparing the investment performance of each fund (including yield data and Sharpe and information ratios where relevant) to the investment performance of comparable funds over various time periods; | |
| Data regarding investment performance in comparison to relevant peer groups of similarly managed funds and appropriate indices; | |
| For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing such fund; | |
| Profitability analyses for each adviser with respect to each fund; |
| Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel; | |
| Information about the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and/or the funds policies with respect to soft dollar arrangements; | |
| Data relating to portfolio turnover rates of each fund; | |
| The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes; |
| Reports detailing the financial results and condition of each adviser; | |
| Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; | |
| Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes; | |
| Copies of or descriptions of each advisers policies and procedures relating to proxy voting, the handling of corporate actions and class actions; | |
| Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions; | |
| Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates; | |
| A description of Eaton Vance Managements procedures for overseeing third party advisers and sub-advisers; |
| Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates; | |
| Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds administrator; and | |
| The terms of each advisory agreement. |
Officers of Eaton Vance Municipal Income Trust | ||
Thomas M. Metzold
President Payson F. Swaffield Vice President Barbara E. Campbell Treasurer |
Maureen A. Gemma
Vice President, Secretary and Chief Legal Officer Paul M. ONeil Chief Compliance Officer |
Trustees of Eaton Vance Municipal Income Trust | ||
Ralph F. Verni
Chairman Benjamin C. Esty Thomas E. Faust Jr.* Allen R. Freedman |
William H. Park
Ronald A. Pearlman Helen Frame Peters Lynn A. Stout |
* | Interested Trustee |
| Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions. |
| None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customers account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers. |
| Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information. |
| We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
151-7/11 | CE-NASRC |
(a)(1)
|
Registrants Code of Ethics Not applicable (please see Item 2). | |
(a)(2)(i)
|
Treasurers Section 302 certification. | |
(a)(2)(ii)
|
Presidents Section 302 certification. | |
(b)
|
Combined Section 906 certification. |
Eaton Vance Municipal Income Trust |
||||
By: | /s/ Thomas M. Metzold | |||
Thomas M. Metzold | ||||
President | ||||
By: | /s/ Barbara E. Campbell | |||
Barbara E. Campbell | ||||
Treasurer | ||||
By: | /s/ Thomas M. Metzold | |||
Thomas M. Metzold | ||||
President | ||||